According to PANews on December 29, as reported by Caixin, the commitment from U.S. President-elect Trump to ensure that all remaining Bitcoins are 'made in America' is likely one of the least achievable promises. Industry insiders generally view Trump's commitment as more of a symbolic support for the cryptocurrency industry and practically impossible to implement. This is because blockchain is a decentralized network, where no one controls or is prohibited from participating in the process. The computing power of domestic miners in the U.S. is still far below half of the global total, making it nearly impossible for U.S. companies to support the entire Bitcoin network. Ethan Vera, COO of Seattle-based Luxor Technology, which provides software and services to miners, stated, 'This is a Trump-style statement, but absolutely not reality.'
Analysts also point out that U.S. economic sanctions and severe inflation in some emerging economies are prompting overseas miners to further expand their operations. Taras Kulyk, CEO of Synteq Digital, said, 'There have been huge growths in several different markets.' The company is one of the largest brokers of computers dedicated to Bitcoin mining. Kulyk mentioned that demand is increasing in Eastern European countries like Kazakhstan, and 'sales to Asia, Africa, and the Middle East are on the rise.' Some analysts have also indicated that Trump's policies may pose challenges for U.S. miners, as his trade policies could lead to increased costs for Bitcoin mining equipment. For miners, electricity and equipment are the two biggest expenses. However, for the overall crypto sphere, the benefits of Trump outweigh the drawbacks.
